SHARE TRANSFER AGREEMENT SIGNED FOR ŞOK
08 June 2011
Şok Discount Markets involved in Migros Group first started to act by opening 13 stores in 1995. It was developed by Migros Group in the branding process with the slogan i.e. “Şok – There is no cheaper else” in the format of discount market over time. Şok, which had 460 stores in 2007, grew rapidly in 3 years and today reached 1230 stores. Şok serves with a sales area of 236.000 m2 within Migros Group. Following these important developments, Şok has become the center of attention of various local and foreign investors in parallel with increase in its brand power. Migros Group has evaluated these demands in order to focus on the supermarket- hypermarket retail-sale business that takes the main role in the business volume of Migros Group and that it is the leader with innovative practices.
For the sale of Şok Discount Markets that have branded strongly, a share transfer agreement was signed at the sales value of TL 600 Million by and between Migros Ticaret A.Ş., Gozde Finansal Hizmetler A.Ş. and Bizim Toptan Satış Mağazaları A.Ş. on June 7th. According to the statement of particular case to the stock exchange by Migros, it was reported that TL 40 Million of the sales value was paid in advance at the date of signature of the aforesaid agreement, and the remaining amount would be paid at the date of transfer of shares. The said transfer of shares will be realized after obtaining authorization from the Competition Authority.
After transfer of shares of Şok is realized, Migros Group will continue to grow with the leading steps in the main business of supermarket that it is the leader with strong and common brands that consist of Tansas in Aegean and Mediterranean Regions, and Macrocenter in the field of gourmet supermarket, and 5M in the hypermarket format, and Migros Virtual Market in the field of online sales, and Ramstore located abroad.